We all know there are inevitable life events but there are also some which pop up not infrequently. In all cases, a bit of planning can sometimes avoid unwelcome consequences or give rise to positive benefits. With that in mind here is a top six to plan for:-
Tax
The tax year runs from 6th April to 5th April and there are allowances available in each year. Knowing how you can benefit from these allowances is important so sitting down with your tax adviser can give you a plan of action in the lead up to the year end. This may involve making a contribution to your ISA, selling an asset to utilise your capital gains tax annual exemption or gifting to mitigate inheritance tax on your estate.
Finances
Having a regular review of your finances is extremely beneficial. By doing so you can identify your priorities and plan for those which are most important to you. These will differ for every person. Those who are self-employed may particularly wish to ensure that their income is protected in the event of illness. Others may be wishing to invest money which has been inherited or to save for future events such as children’s university fees. Or it may be time to start planning for retirement and working out exactly what will be available to you by way of income when the time comes.
Property
At different stages of our life we may wish to move up or down the property ladder. Moving house is not something which can generally be achieved in a short timescale so it makes sense to gather all the necessary information in good time, take advice from professionals and decide in broad terms what the plan might be. Knowing what your property is worth and what it might cost to move to your next home is crucial as is finding out what loan finance may be available if you need it.
Getting Together
Are you planning to marry or enter into a civil partnership? Or would you prefer to cohabit with your partner? You may not know the consequences of such decisions and what you could think about doing to plan ahead. Look into a cohabitation agreement or prenuptial agreement and decide if it is something you should consider. No-one wants relationships to break down but they sometimes do.
Illness and Incapacity
There may be a view that Powers of Attorney are the sole domain of elderly people in care homes. In fact, Powers of Attorney can be extremely useful for persons of any age. For example those with a debilitating illness who need help to run their finances or those who has been involved in an accident, rendering them (permanently or temporarily) incapable of seeing to things for themselves. Admittedly you may never put them to use – but we think that is a good thing anyway.
Death
The other certainty! Making a Will is a straightforward process but hugely useful for your family. Your circumstances may not be that unusual but you may be surprised what the consequences of not making a Will might be.
